The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $190,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year.Accounts payable$1,200 Miscellaneous expense$340Accounts receivable12,340 Office expense540Cash32,990 Supplies1,670Fees earned71,170 Wages expense27,820Land65,000 Drawing3,000Building143,670 Prepare an income statement for the current year ended March 31.Thompson Computer ServicesIncome StatementFor the Year Ended March 31 $Expenses: $ Total expenses $

Balance sheet items are those items that are assets and liabilities and are permanent accounts and…

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.4E: The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total...

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The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $190,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year.

Accounts payable	$1,200	Miscellaneous expense	$340
Accounts receivable	12,340	Office expense	540
Cash	32,990	Supplies	1,670
Fees earned	71,170	Wages expense	27,820
Land	65,000	Drawing	3,000
Building	143,670

Prepare an income statement for the current year ended March 31.

Thompson Computer Services
Income Statement
For the Year Ended March 31
		$
Expenses:
	$


Total expenses
		$

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